OKC MAPS PROJECTS – 25 YEARS
Inflation Adjusted Investment . Figure 36 details the estimate of $2.32 billion in 2018 inflation-adjusted dollars for the three rounds of MAPS projects. The inflation differential is approximately 28% above the initial $1.81 billion cost of the projects. This relatively small inflation differential reflects the historically low inflation environment in place over much of the past 25 years. The portion of total cost devoted to the three MAPS initiatives shifts after inflation adjustment, with spending on the three rounds of projects becoming more evenly balanced. The initial MAPS projects now comprise about 25% of the total, at $569 million in 2018 dollars. MAPS for Kids retains the same approximate share of the total cost (39%), with an inflation-adjusted cost of $903 million. MAPS 3 is no longer the largest of the three initiatives after inflation-adjustment, dropping to only 36% of total cost at $844 million in 2018 dollars. Total Public and Private Investment Along with city investments through MAPS, increased investment is traced to both the private sector and other public sector entities at the federal, state, and local government levels. For this evaluation, total investment includes all city spending on the three rounds of MAPS projects plus other investment (both public and private) in the downtown study area. Estimates of total public and private investment for the downtown study area are detailed in Figure 37. Estimates from the 2009 MAPS report covering the 1995 to 2008 period are combined with more recent estimates for the 2009 to 2018 period. The more recent estimates are formed using historical reports of construction activity for completed and underway projects from 2009 through 2018. 44 Estimates of public investment are divided into those made by the city versus those made by other public sector entities. City investment is further split into MAPS and non-MAPS components. Private investment is categorized across nine major groupings of development. Downtown Investment Activity – 1995 to 2008 . Estimates from the 2009 MAPS report documented a significant increase in investment activity in the downtown study area following the initial public investment in MAPS. A total of $3.14 billion in total public and private investment was completed or in progress in downtown from 1995 to 2008 (see Figure 37). Total public sector investment comprised less than one-third (30.7%) of total investment. City investment spending totaled $413 million in the period, with $356 million traced directly to the MAPS projects. The city engaged in an additional $57 million in investment in the downtown study area. Other public sector entities invested heavily in the downtown study area, with public projects valued at $549 million completed in the early stages of MAPS. Non-city public investment comprised more than half (57%) of all public investment projects between 1995 and 2008. Private investment of $2.18 billion from 1995 to 2008 comprises nearly 70% of total investment and equates to roughly six times the amount of MAPS spending by the city. Private spending ($1.29 billion) in the early phases of MAPS was heavily weighted toward a range of medical and research facilities constructed in the study area and is detailed in the 2009 report. The remainder of private investment was spent more broadly across multiple categories, including office ($249 million), residential ($238 million), hotel ($190 million), and entertainment/cultural ($154 million).
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